The Egyptian Minister of Transport and a delegation of businessmen visit Somalia to explore investment opportunities
Egyptian Minister of Transport Kamel Al-Wazir, accompanied by a delegation of Egyptian businessmen, is expected to visit Somalia in the coming days to explore potential investment opportunities.Somali Minister of Planning, Investment and Economic Development, Mohamud Abdirahman Farah (Benibini), said that the delegation’s visit aims to discuss and implement major infrastructure projects, including potential investments in the country’s ports.
Minister Benibini stressed that the increasing interest on the part of regional and international investors represents a great opportunity for economic development in Somalia. The minister said, “This visit of the Egyptian delegation is an important step in exploring investment opportunities in our country,” stressing the importance of cooperation between Somalia and Egypt.
The visit comes in light of the growing economic relations between the two countries. According to the Egyptian Central Agency for Public Mobilization and Statistics, the value of Egyptian exports to Somalia increased by 27.7%, reaching $54 million during the first 11 months of 2023, compared to $42.3 million during the same period in 2022. While the value of Somali exports to Egypt remained constant. At $2.2 million.
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